Thursday, 26 November 2015
Last updated 7 hours ago
Jul 12 2013 | 3:11am ET
Highbridge Capital Management's Glenn Dubin is stepping down as CEO of the $31 billion hedge fund, more than 20 years after founding the firm and four years after completing its sale to JPMorgan Chase.
Scott Kapnick, the former Goldman Sachs investment bank co-chief who set up Highbridge's private-equity unit, will succeed Dubin, the only CEO Highbridge has ever had. Dubin will remain with the firm as chairman, and said that the move is part of a long-standing succession plan.
"In no way am I leaving the firm, and in no way am I retiring or semi-retiring," he told The Wall Street Journal. "My day job has teeth…. I'm going to go to the office every day; I've got a big bulk of my personal capital invested in Highbridge funds."
Dubin's exit comes amidst a period of middling performance by Highbridge's flagship hedge fund.
Kapnick has been with Highbridge since 2007 and has built its private-equity unit into a $14 billion business.
"I don’t think it was much of a choice as it was obvious Scott is going to succeed me as CEO of Highbridge," Dubin said.
Dubin's co-founder, Henry Swieca, left Highbridge in 2009, when the firm completed its sale to JPMorgan Chase, which had taken a stake in the hedge fund in 2004. Swieca now runs Talpion Fund Management, a hedge-fund seeding operation.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…